The Council of the EU has published an information note from the General Secretariat to the Permanent Representatives Committee (COREPER) on the outcome of the European Parliament’s first reading of the proposed Regulation for a Single Resolution Mechanism (SRM Regulation). In the note, the secretariat explains that:
- the Parliament voted in plenary, on 6 February 2014, to adopt one amendment to the proposed SRM Regulation, and then postponed its vote on the legislative resolution to a later session (as a result, not bringing the Parliament’s first reading to a close). The proposal was instead referred back to the Parliament’s Committee on Economic and Monetary Affairs (ECON), pursuant to rule 57(2) of the Parliament’s rules of procedure;
- in accordance with article 294 of the Treaty of the Functioning of the EU and the joint declaration on practical arrangements for the co-decision procedure a number of informal contacts took place between the Council, the Parliament and the Commission with a view to reaching an agreement on the SRM Regulation at first reading (avoiding the need for second reading and conciliation);
- ECON submitted a new compromise amendment to the proposed SRM Regulation. The amendment had been agreed during the informal contacts. It was intended to replace rather than complement the amendment already adopted in plenary on 6 February 2014;
- on 15 April 2014, the Parliament in plenary voted to adopt the compromise amendment (replacing the amendment adopted on 2 February 2014). It then proceeded to adopt its legislative resolution, bringing its first reading to a close;
- the proposed SRM Regulation as amended by the Parliament constitutes the Parliament’s first reading position; and
- the Parliament’s position reflects what had previously been agreed with the Council and the Commission. As a result, the Council should be in a position to approve the Parliament’s position. The proposed SRM Regulation would then be adopted using the wording that corresponds to the Parliament’s position.
View Information note: Proposal for a Regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund and amending Regulation (EU) No 1093/2010 of the European Parliament and of the Council – outcome of the European Parliament’s first reading, 23 April 2014